Sri Lanka is the fastest aging country in south Asia, with the elderly population posing many challenges, according to a report by the Labour Ministry.
An aging population will likely result in a decline in the labour force, reducing labour supply and productivity and at the same time reducing demand for goods and services as they will earn less.
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Looking after an aging population, especially as their health care costs increase, will place a bigger financial burden on the state and family, at a time when government tax revenues fall with the decline in the labour force.
But the report said the phenomenon also provides a "window of opportunity" and that there were positive effects of aging.
With the population aging - when the percentage of people belonging to the 60 years and above age group is increasing - the average age of the work force is likely to increase.
This is believed to result in an increase in the productivity of the labour force.
Population aging results in